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Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
 Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The current production cut schedule prior to OPECs meeting this past week, was supposed to last until March 2018, however it has come to light that it will now be extended until the end of 2018, in an attempt to prop up prices as many of OPEC’s members continue to feel strain from the low earnings generated by crude oil sales said Gerry Lathrop, Research Analyst at Allied shipping.
Gerry Lathrop further noted, what’s more is that Saudi Arabia, OPEC leading member, has to deal with ARAMCO’s planned IPO in 2018, which could greatly benefit from the higher crude oil prices. At the same time and in order for the Saudi Government to meet their government budget requirements and reduce their reliance on their cash reserves, are looking at a price target of around US$ 60 per barrel. This is contrary to Russia’s stance who would prefer oil prices to remain lower, and apparently would prefer a target of US$ 40 per barrel at the off chance that higher prices cause the US’s shale oil producers to head to the fields again. In addition to this, OPEC members Libya and Nigeria, who were previously exempt from production cuts, have now agreed to also cap production at their 2017 levels.
This of course can have a profound effect on the shipping side, where the mere talks of a production cut has oil traders rushing to their desks to close their next deal. In short, if oil prices start to show a trend of further price gains, oil traders and refiners will rush to book cargoes, so they can price their end products on competitive level and possibly benefit from a better profit margin, increasing demand in the crude market in the very short-term. In the long-term, if the price of oil also goes up, it is likely to dampen overall demand and cause a potential slowdown in trade. This negative effect however tends to be limited given that crude oil has fairly inelastic demand.
According to Gerry Lathrop of Allied, on the non-OPEC side of things, crude oil production in the US has hit a new record production level of 9.7 million barrels per day on average for the week ending November 17th, according to statistics from the US EIA. Similarly, crude oil imports from Venezuela to the Louisiana Offshore Oil Platform (LOOP) for the period of January to November 2017 are around 7 million barrels, which is almost 3 times as much as what we were seeing during the same time frame last year (2.5 million bbls). The main reason for importing so much Venezuelan crude seems to be mainly due to the lack of availability of Saudi Arabian heavy/sour crude resulting from their production cuts. According to US customs data, imports from Saudi are down 45% from 75 million barrels to 42 million barrels for the same 10-month period. This has undoubtedly caused much of the softening in the crude tanker market of late by removing many ton miles from the market.
In any case, it will be interesting to see which direction the market will trend come June of next year, as the tug of war continues between Russia’s stance on lower crude prices and Saudi’s preference for higher prices. We will probably see the price fall somewhere in between these respective price targets during most of 2018, while if prices increases above Saudi’s US$ 60 per barrel, a relatively swift ramp up in US shale oil production should help quickly push things back down. This points to the main risk by both OPEC and Russia, with any further cost efficiencies achieved by US shale producers allowing them to capture a higher market share and even make these production cuts irrelevant to the overall market.
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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
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